US $1 Coin

[Troy]

I was reading a piece in Time today and they had a small section about the price of cotton and the link to the US $1 bill. It is talking about the rising cost of cotton due to bad weather in China, India and Pakistan.

...Cotton is even driving up the price of money. U.S. bills, which are 75% cotton, cost 9.6c each to produce in 2010, a 50% jump since 2008. The Government Accountability Office recommends replacing the dollar bill with a $1 coin, which could save the U.S. $5.5 billion over 30 years.

Interesting to see the costs involved and also the potential savings if the switch was made. To an outsider I don't understand why the US still has such a small denomination note and why the switch hasn't been made decades ago. It is just like I don't understand why 5c pieces still exist in Australia.

So would you like to see this change made?

 

[Dademo]

My wallet is made to hold bills, I don't have a coin section, so that's a reason I wouldn't like this. But, if good savings can be made, then I'd be okay if this was integrated into the American Currency. We still have 5 cent coins too haha.

 

[Troy]

What do you do when you are given change and you get coins?

Yeah I can't understand why we bother with denomination that small. You can't buy anything with it and it will be better to just round to ten cents anyway.

 

[Dademo]

What do you do when you are given change and you get coins?

Yeah I can't understand why we bother with denomination that small. You can't buy anything with it and it will be better to just round to ten cents anyway.

That always bugs me. Usually I'll be lazy and put them in my wallet, therefore making it harder to close, but sometimes I'll put them on the table or just give them to my dad.

 

[Deezy]

Leave a penny take a penny tray is where I put small change. That or the donation box if there is one.

 

[Guano]

This is rather interesting, because it wasn't that long ago that Canada made the transition to $1 and $2 bills to coins. I'm not entirely sure why Canada did that, but I am going to assume that it was cheaper alternative. I find having dollar bills easier to carry around in your wallet, because sometimes there are holes in your wallet and you lose some change. That why I keep a majority of my coined money in my pants pocket and my dollar bills in my wallet. Although, really wish they'd get rid of that gosh darn penny, because its pointless. It costs more money to make a penny than its worth and a lot of the time I just tell the cashier to keep the pennies, because they have no real use.

Anyways, it should be interesting whether or not the American dollar bill makes the transition into a coin. (Random Fact: Did you know that the American dollar bills are magnetic, because they use magnetic ink to help prevent counterfeit money from circulating).

 

[Deezy]

The switch was made to save trees and keep the costs down. Since coins are cheaper than bills, but it certainly sucks having a pocket full of loonies and toonies, some guy can pull a guin on you and demand your money and you say you don't have any since your pockets sound like maracas at this point.

Also makes it difficult to go to strip clubs since throwing coins is not as cool as slipping bills in stripper g-strings. Plus it turned us Canadian men into assholes and now poor strippers get coins flicked at them like nerds in highschool.

 

[Troy]

I don't bother carrying any silver coins on my and only carry a couple of gold ($2 and $1 coins) since otherwise my wallet just becomes too bulky with all those coins. With the coins I chuck them in a tin and then every now and then seperate them out into their denominations and take them to the bank to deposit into my account.

I can't believe the penny is still around. That much be a huge waste of money to produce and would be a good way for governments to make some savings in the budget.